Earnings Per Common Share

9 Months Ended

Sep. 30, 2015

NOTE 18 – EARNINGS (LOSS) PER COMMON SHARE

The calculation of (loss) earnings per common share for the quarters and nine-month periods ended September 30, 2015 and 2014 is as

	Quarter Ended September 30,				Nine-Month Period Ended September 30,
	2015		2014		2015		2014
	(In thousands, except per share data)
Net income (loss)	$	4,569	$	19,532	$	(1,528)	$	64,588
Less: Dividends on preferred stock
Non-convertible preferred stock (Series A, B, and D)		(1,627)		(1,627)		(4,884)		(4,882)
Convertible preferred stock (Series C)		(1,838)		(1,838)		(5,512)		(5,514)
Income (loss) available to common shareholders	$	1,104	$	16,067	$	(11,924)	$	54,192
Effect of assumed conversion of the convertible ' ' preferred stock		1,838		1,838		5,512		5,514
Income (loss) available to common shareholders assuming conversion	$	2,942	$	17,905	$	(6,412)	$	59,706

Weighted average common shares and share equivalents:
Average common shares outstanding		43,929		45,055		44,353		45,131
Effect of dilutive securities:
Average potential common shares-options		46		160		85		162
Average potential common shares-assuming ' ' conversion of convertible preferred stock		7,171		7,147		7,171		7,147
Total weighted average common shares ' 'outstanding and equivalents		51,146		52,362		51,609		52,440
Earnings (loss) per common share - basic	$	0.03	$	0.36	$	(0.27)	$	1.20
Earnings (loss) per common share - diluted	$	0.03	$	0.34	$	(0.27)	$	1.14

In computing diluted (loss) earnings per common share, the 84,000 shares of convertible preferred stock, which remain outstanding at September 30, 2015, with a conversion rate, subject to certain conditions, of 86.4225 shares of common stock per share, were included as average potential common shares from the date they were issued and outstanding. Moreover, in computing diluted earnings per common share, the dividends declared during the quarters ended September 30, 2015 and 2014 on the convertible preferred stock were added back as income available to common shareholders.

For the quarters ended September 30, 2015 and 2014, weighted-average stock options with an anti-dilutive effect on (loss) earnings per share not included in the calculation amounted to 973,200 and 397,766, respectively. For the nine-month periods ended September 30, 2015 and 2014, weighted-average stock options with an anti-dilutive effect on (loss) earnings per share not included in the calculation amounted to 648,563 and 325,994, respectively.